Apr 15, 07:57 AM

Ageas Raises 550 Million Euros to Acquire Esure for $1.7 Billion; UniCredit Gets German Approval to Boost Commerzbank Stake; Monte Paschi Seeks Mediobanca Backing

Belgian insurer Ageas has agreed to acquire the UK insurance platform Esure for approximately $1.7 billion (1.3 billion pounds), a deal that will create the third-largest personal lines insurance platform in the United Kingdom. Following the acquisition announcement, Ageas raised 550 million euros to support the transaction. Meanwhile, Italian bank UniCredit has received approval from the German antitrust authority to increase its stake in Commerzbank to just under 30%, removing a major regulatory hurdle for its expansion in Germany. This approval follows prior clearance from the European Central Bank and aligns with UniCredit's ambition to take over its German competitor. In Italy, Banco BPM is expected to support Monte Paschi’s bid for rival Mediobanca at an upcoming investor meeting. The Monte Paschi CEO, Luigi Lovaglio, is working to secure shareholder approval for the takeover attempt, which has garnered backing from Norges Bank and other key investors. The operation is also seen as influential in shaping future dynamics involving Generali. UniCredit faces certain conditions from the Italian government regarding its bid for Banco BPM.